The deadline for former and current front-line retail employees of the Canadian Imperial Bank of Commerce (CIBC) who may be eligible for compensation for unpaid overtime following a court-approved $153 million settlement is approaching.
The settlement in Fresno v. CIBC encompasses tellers, financial service representatives, financial service associates, and branch ambassadors who served between 1993 and 2009 across Canada.
The Ontario Superior Court of Justice approved the settlement in March 2023, with the Quebec Court subsequently recognizing the agreement. Class members are required to submit their claims via a designated website, www.cibcunpaidovertime.ca, by March 25, 2024.
They are urged to complete and submit their settlement claim forms promptly as there will be no deadline extension.
Payouts are expected to vary based on factors such as the duration of employment and wage rate, potentially amounting to thousands of dollars for individual class members. To date, thousands have already filed their claims. Importantly, claimants are not required to provide supporting documents at this stage; submitted information will be cross-referenced with employment data previously supplied by CIBC.
The settlement terms guarantee the confidentiality of class members’ identities, with claim forms reviewed solely by an independent claims administrator appointed by the court. This protocol ensures that the documents remain undisclosed to CIBC and the lawyers representing the class.
David O’Connor, Louis Sokolov, and Steven Barrett, counsel for the class, emphasized the importance of claiming what is rightfully owed. “This is the Class Members’ money and it is waiting for them,” they stated.
